Questions For Real Estate Agents (buyer's agent, Realtors, closing, listing)

[cakeprincess]

Hi, I'm thinking about becoming a real estate agent, but I'm not sure since I have other career options to chose from:

1. How long does it take for you to sold a house when you start your first job?

2. How many houses you sold per month?

3. Which one you did more - seller's agent or buyer's agent? Which one you like the best and why?

4. What is the average "take-home" pay you earned, after you paid the company's fee and others?

5. If it's a difficult job, why is that?

[DebbieF]

It really all depends on how much time you want to devote to this career. The sky really is the limit. It does take some time to get established, and yes you will be putting out quite a bit of your own money, so be prepared. Their is a monthly office fee, and then advertising, color copies have a price, as do black and whites after a certain number. Then you have mailings, printing and stamps. Your dues come into place every year, and continuing ed, as well as anything else you take. Remember though you can deduct alot of this on your taxes, so save save save receipts. Especially those receipts on lunches and dinners for clients. They can really add up. I personally like working with the buyer, because they are all excited about their new purchase, which gets me excited also. I love working with people that relocate because it canbe a hard thing to relocate to an area you know nothing of, not to mention scarey. I've been there, and wish I had help when I did it. There is so much to say about a real estate job, I suggest you go into an office just to chat with the broker in charge,and see if it is the job for you. If your in this area I can put you in touch with mine to talk with. Good Luck in what ever you do.

Debbie

[leighbhe]

I would have to agree with debbie, it all depends on how much you work. I have my own company, it is just me, so I had start up fees, there are monthly fees, advertising fees, etc. For me, much of my business is word of mouth, and me going out and getting my name out there. I am also a stay at home mom, so I limit my clients right now. when my kids go to school I will be more active.

I am averaging about a closing a month, whether on the buying side or selling side. Which do I like more? They are just different! On the selling side you feel a lot more pressure to get the house sold, your clients (usually) are selling for a reason and have a time line. The buying side is fun because you can look at a number of houses, which I like, but it takes a lot of time driving all over the triangle!

I think the difficult part of the job (for me) is balancing my life between work and young kids.

Leigh

[Weis02]

I am not a real estate agent but a very close friend of mine is in the business so I have learned some things - some also are just common sense.

A lot of the questions you are asking - How long does it take for you to sell,
How many houses you sold per month and average pay are contingent are other factors - market conditions, time of year - are you selling your own listing (you get a higher percentage) -

real estate is a sales job, like any sales job, and the realtors on board have noted, you have to put the work and effort in. It could take many months before you actually earn anything as there are costs up front.

Also remember you have to be licensed -

Keep in mind too, if you are not familair with the area, it may be very difficult to try and sell a house to someone when there are many questions you cannot possibly answer given you have not lived in that area-

In my dealings with realtors, I personally would want one who has lived in the area as they know things you cannot possibly know unless you have lived there

I also have asked any realtor I spoke to where they live and for how long as this sometimes is often telling of an area

I also think it would be harder for a newcomer as it also takes time to establish a reputation - a large part of the real estate business is word of mouth...

Anyway good luck with your decision and whatever you do

[cakeprincess]

Thanks-that's what I needed to hear.

[a1m1700]

Originally Posted by cakeprincess

Hi, I'm thinking about becoming a real estate agent, but I'm not sure since I have other career options to chose from:

1. How long does it take for you to sold a house when you start your first job?

2. How many houses you sold per month?

3. Which one you did more - seller's agent or buyer's agent? Which one you like the best and why?

4. What is the average "take-home" pay you earned, after you paid the company's fee and others?

5. If it's a difficult job, why is that?

I'll answer #5 , While it can be fun it is a sales job and a lot of times we will spend time and energy and $$$ and nothing will come of it. You must have patients of a Saint and I found out I do not.

[leighbhe]

I must agree with the last post. I have found that you have to not get attached to a client or a sale, they may flake out on you, the sale may not happen, etc. This is not to say I don't enjoy the people I meet, it is just you cannot count on the sale or the people. you have to look at it as an adventure, things may not always turn out the way you planned.

leigh

[TornadoAlley]

Originally Posted by a1m1700

I'll answer #5 , While it can be fun it is a sales job and a lot of times we will spend time and energy and $$$ and nothing will come of it. You must have patients of a Saint and I found out I do not.

Hey you. Your PM is blocked. I lost your email. EMail me.

[chaz longue]

If I had it to do over again (I began my career in 1988) I'd do 2 things immediately

1) look for a job as an assistant to a Realtor and do that for at least a year. You'll likely come out way ahead in earnings AND experience.

2) Join a BNI chapter.

[mainebrokerman]

chaz is correct, try to be an assistant for a year, there's so much to learn, and if you arent confident(remember you are suppose to be the real estate expert in the public's eyes), you get very nervous, with the tedious laws, rules and regulations, not to mention frustrated at mortgage companies, not having closing statements done on time, or worse, done wrong. one of my first transactions, was a commercial property where i got caught in the crossfire of two lawyers, the offer(conditions. price. contingencies, etc,) and counter-offers were done by lawyers, even tho i was on the same team as one of the lawyers, i had a difficult time interpreting the offer, a 12 page offer of lawyer-speak(where you read a page four times, and not sure what it really meant)
and my client ,,,hysterical, wanting to know why the offer wasnt accepted at face value, and how dare they make a counter-offer!
and you have to filter what you say VERY carefully, if you are looking at a piece of land with a buyer, and he's asking, about development, how many units, what size, etc. you have to do all your homework first, to get the answers, ive seen parcels of land ,,that sold, that couldnt be developed for the intended purpose(the broker say it could be).
so again, learn all you can, learn how to handle out of control clients, learn how to be assertive when you have to be. and of course, no matter how much you learn, or experience you have or number of years worked, never lose the sharing in excitement with your clients, they are buying or selling, thier biggest asset they will have, a stressful time for them, you are there to hold their hand, every step of the way, quide them, answer questions.